Tourism has been the mainstay of the Barbados economy and contributes between 12-13% to the country’s GDP and directly employs approximately 13% of the workforce.
For those seeking investment opportunities in this sector, the Tourism Development Act., has highlighted several areas that can be designated as tourism related projects or products. These investment areas include:
- Accommodation (i.e., hotels, villas, alternative accommodation such as Airbnb’s etc.)
- Recreational and sporting facilities
- Medical tourism services.
Incentives and Factors
For those investing in the Tourism Sector, some of the available incentives include:
- Duty free concessions and income tax concessions for approved tourism projects/products provided under the Tourism Development Act Cap. 341
- Income tax concessions on contributions made to the TDC provided under the Income Tax Act. Cap 73
- Training of employees
- Easy expansion to CARICOM